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Parallel Energy Raises $342M In IPO

Parallel Energy Trust has raised $342 million in an initial public offering.

Parallel Energy Trust has raised $342 million in an initial public offering. The oil and natural gas company intends to use the proceeds to acquire a 51% interest in a liquids rich natural gas property in the West Panhandle Field in Texas for about $377.4 million.

The offering was completed via syndicate of underwriters co-led by CIBC, RBC CapitalMarkets and Scotia Capital and including BMO Capital Markets, TD Securities, Canaccord Genuity, National Bank Financial, Desjardins Securities, HSBC Securities, FirstEnergy Capital and Peters & Company.

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